The invention relates to devices used to transfer funds or currency by electronic means. It is well know in the art that the money transfer industry requires using an Agent, usually a franchised store""s clerk with cash or credit, telephonic means or EDI means with credit to transfer funds from one individual at a proximal location to another individual or entity at a distal location. MoneyGram, Western Union, CyberCash and others operate in this fashion. In a broad sense the invention is a combination of apparatuses which in itself is an apparatus used to transfer money or funds and the invention is a system used to transfer money.
The invention presented is not limited to requiring a physical person, telephonic means, or EDI based means to accomplish a funds transfer. Instead this invention utilizes a device which could be consider a hybrid apparatus, drawing on aspects of both a vending machine and an automated teller machine (ATM). Both are well know in the art of electronic money handling devices. The Instant Money-Automatic Transfer Machine or Aunty IM operates like a reciprocal ATM, utilizing a communications network (wired, optical or wireless in nature) to transmit information between a multitude of like devices. The devices, available 24 hours a day, operate as sender, receiver, and dispenser of funds interchangeably. The Aunty IM will accept standard currency, i.e. coins and bills, usually in denominations of $1 to $100. Alternately, funds are entered using standard credit and/or banking cards in lieu of cash at the device or through a PC over an Internet web page or the Central Database Server (CDBS) or by phone, wherein the transfer network alternately has access to any financial institution or by means known to those skilled in the art. Additionally, an ATM via system modifications can accept transferred funds from the Aunty IM system and transfer funds to the Aunty IM system by an individual accessing his/her designated financial account through the ATM""s network. The benefit of this system is that it eliminates the expense of Agents, Tellers and/or Clerks who supervise the transfer transactions. The other benefit is that the Aunty IM transfers funds to an individual unlike an ATM""s one way dispensing fund to the user and which only transfers money to a specified account.
Another embodiment is that the currency (cash) inserted or fed into the Aunty IM becomes reusable in the device. The deposited amount is tallied and settled and then recycled into the cash inventory available to dispense. Only the fees charged for transactions are set aside and dropped into a safe or other deposit storage means to be removed later.